Runaway regulations stifle business

By JIM RENACCI
16th District CongressmanPublished: October 19, 2012 4:00AM

This past week, I received the National Association of Manufacturers' "Legislative Excellence Award." I also received the U.S. Chamber of Commerce's endorsement. Both recognize the work I have done to support and protect jobs here in northeast Ohio.

NAM is the largest representative of manufacturers in America. They represent over 12 million workers who contribute more than $1.6 trillion to our economy every year. The Chamber maintains a membership of over three million businesses of all sizes and in almost every sector of our economy. NAM and the Chamber understand job creation better than just about any other two groups in this country. That is why I am so pleased to have their support.

But it isn't about me. It is about the 23 million Americans who are struggling to find full-time employment right now. I have always said that government cannot create jobs, at least not sustainable ones. Every new public employee's salary is paid with dollars that are either taxed out of the private sector or borrowed. In the case of the federal government we are already borrowing more than 40 cents on the dollar, much of it from China.

Government can, however, help set the table for economic growth. That is what I have made my mission since being elected a little less than two years ago. I have tried to bring the experiences I learned in my 28 years in the business world with me.

That experience tells me that the massive amounts of new regulations coming from Washington and the constant threat of new taxes have hammered businesses both small and large. How can any company invest in new equipment or create new jobs when they do not have a clear picture of what the future will hold?

The answer is they can't, and that's a very large reason why hiring has remained stagnant for almost four years now. And the other answer is that more of the same bad policies from Washington will -- not surprisingly -- have the same failed results.

One very simple reform government should make is to lower our corporate tax rate, which is the highest in the world. American companies need every advantage in a global economy, and our tax system is holding them back. Some of the same people who decry the flight of jobs overseas fail to realize that high taxation here is a major driver of the decision of American companies to leave.

We also must rein in the runaway regulation coming out of our nation's capital. Far too many of our small businesses and manufacturers have had to close up shop because of the increased costs of new regulations. Those who haven't closed certainly face higher regulatory costs.

Higher costs mean layoffs, or at the very least, fewer new jobs created. It is that simple, and any business owner will tell you that if you roll back the sea of new regulations and provide companies some certainty that their tax rates will be lowered then you will see American business and manufacturing begin to rise once again.

The U.S. Chamber of Commerce and the National Association of Manufacturers understand that. I am proud to stand side-by-side with them to fight for jobs and America's return to prosperity. With the right policies in place I know we can get there.

Please feel free to share your thoughts with me by following me on Facebook (facebook.com/repjimrenacci) and Twitter (twitter.com/repjimrenacci). If you have questions or comments regarding my work in Congress, please do not hesitate to contact my Canton office at 330-489-4414 or my Washington office at 202-225-3876.

Want to leave your comments?

Here's the repub plan for elections. Lie, lie and lie some more. Then when the opponent calls you out on the lie you deflect the accusations of lies by saying the opponent lies with more lies about the opponent. Ridiculous.

October 21, 2012 4:29AM

P.S. un-equalizer,Big Bird will be just fine without a couple million of OUR dollars.Last report had PBS as a quarter BILLION dollar profit a year.And I'm sure George Soros will keep NPR on the air.after all the only thing they do is attack FOXNEWS,I wonder why?If all a network does is lie competition will get rid of by telling the truth.Does that mean that MSNBC lies more?Or does FOX actually lie less?They are the TOP rated cable news channel.And your ridiculous claim as fact that FOXNEWS watchers are the least informed comes from where?That's right it comes from NPR. A real unbelievable site if there ever was one.And if that is where your information is coming from it explains why you are so uninformed.It also explains why you have so much hate.Who broke the Libya lies,was it NPR or FOX?Who keeps asking why Obama keeps lying,is it NPR or FOX.You are just a sheep being led to slaughter.And your grandkids deserve better.

October 21, 2012 4:16AM

Sure is,do you want a proved liar in The White house?Most clear thinking people don't.Only the true believers,the takers,do.(No Obama failed to authorize three attacks because Valerie Jarrett said NO,on the fourth attempt Hillary wouldn't let him stop it.Obama just took credit,and now is throwing her under the bus.Some LEADER!)

The conspiracy wackos already trying to figure out who to blame for commie jrs failures. What happened to Bush?

October 19, 2012 9:23PM

Here are all the HIG execs. http://www.higprivateequity.com/HIGTeam.php?id=36 Tony Tamer, Managing Partner. Douglas Berman
Exec. Managing Director. John Bolduc Exec. Managing Director all worked for Bain. Read their bios. Here they announce a strategic investment in Hart InterCivic Inc., the leading national provider of election voting systems, election management products and services. http://www.higprivateequity.com/NewsRelease.php?id=881

October 19, 2012 8:58PM

This is scary and just wrong. Hart Intercivic, on whose machines the key votes will be cast in Hamilton County, which includes Cincinnati, was taken over last year by H.I.G. Capital. Prominent partners and directors on the H.I.G. board hail from Bain Company or Bain Capital, both connected to Mitt Romney. H.I.G. employees have contributed at least $338,000 to Romney's campaign. H.I.G. Directors John P. Bolduk and Douglas Berman are major Romney fundraisers, as is former Bain and H.I.G. manager Brian Shortsleeve. http://truth-out.org/news/item/12130-will-hig-owned-e-voting-machines-give-romney-the-white-house#13504282981551&action=collapse_widget&id=6839844 Makes you wonder if Kasich won in 2012 or not.

October 19, 2012 8:37PM

And your going to tell that is not what commie jr wants. He must make daddy Frank proud.

October 19, 2012 8:34PM

CLUE: When a givernment gives free stuff it MUST first that that stuff from the people they are giving it to.. The givernment owns nothing except what it takes from the people by armed guards..
When a givernment gives free stuff.. it first deducts a portion of the stuff to distribute to the givernments “friends”.. and that percentage ALWAYS grows in percentage.. Always.. over time.. The rest goes to the people which can include other givernment “friends”..
When studied well many notice the givernment does not give anything.. It always “TAKES”... Never gives.. It takes and redistributes what it takes.. MAny fail to notive the givernment “IS PEOPLE”.. The givernment is not an amorphous mass of concepts.. its “people”..
People stealing from other people to redistribute the peoples stuff to other people.. it is conflated theft.. Controlling this theft is WHY? we have a United States Constitution.. The Constitution is written DOWN to control federal givernment.. To control it.. No other reason for a COnstitution.. It is to control givernment.. Each State also has Charters -OR- Constitutions.. same thing..
***NOTE: The only question that needs to be asked by the “people” “IS”... Is the federal givernment a slave to sovereign States -OR- are the State slaves to federal givermnent.. This is the question ALL AMERICANS need to ask themselves THIS ELECTION..
Confusion on these issues can and WILL make you a moron..
A drooling, eye rolling moron.. whether you hang your tongue out or not..

October 19, 2012 8:34PM

“A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state; A system of social organization in which all economic and social activity is controlled by a totalitarian state - dominated by a single and self-perpetuating political party.” – That’s the definition of communism according to Dictionary.com

October 19, 2012 7:59PM

http://freebeacon.com/the-jerk-store-called/

October 19, 2012 7:52PM

jwood - you're too intelligent to hold your breath. You're asking rat crap to define a term his inherent ignorance won't allow. You might ask his soul-mate, bam, to define socialism. Then suggest both post the definition of a Liberal.

October 19, 2012 1:57PM

Come to think of it they must not get much information from any public or mainstream media.It being all lies.

October 19, 2012 1:55PM

Well I would say that the Obama administration doesn't get much air time in Canada then,right equalizer?

October 19, 2012 1:43PM

Seriously Diogenes, you don't know what a communist is????

October 19, 2012 1:16PM

Um, Rat Trapper, you gonna help me out or not? I'm still not sure what a communist is, you know? Gimme a hand and explain it to me, willya?

October 19, 2012 12:52PM

The bigger the 1% - corporatocracy has a grip on this country, the lower the wages, less safety in food, drugs and products. Insurance companies should be NOT be in the business of 'health' insurance. They're 'for-profit'companies.

October 19, 2012 12:52PM

The bigger the 1% - corporatocracy has a grip on this country, the lower the wages, less safety in food, drugs and products. Insurance companies should be NOT be in the business of 'health' insurance. They're 'for-profit'companies.

October 19, 2012 11:58AM

there are term limits...the problem is that people don't realize they can vote for someone other than the guy that has been in there for 20 years

October 19, 2012 11:30AM

A-1585 - Maybe YOU want to 'fire' all of them, but NOT me.... I'll keep those who represent the best for this country; not just the 1%. Sherrod Brown, Betty Sutton have my vote along with Obama. ____ BTW - Fox news is banned in Canada. They won't allow deliberate 'lies' to be broadcast....

October 19, 2012 11:27AM

"Runaway regulations stifle business" Yet we are adding 100,000 plus jobs to the country every month...and before all these "new" regulations we were loosing 800,000 a month...must be that Romney math (I have one bucket of money that is filled with dollars that I will convert into quarters then I'll have 4 buckets of money)

October 19, 2012 11:15AM

All great points, bam. My administration will end Medicare but give you coupons. This will lower taxpayer costs and in return the wealthy will be able to pay less taxes. The free market will decide if they want to cover old, expensive people. I'm thinking a punch card for oxygen tanks - buy 9 o-tanks, get the 10th free. The point is America can be great when I return us to more Bush.

October 19, 2012 10:41AM

Reductions in wages and benefits due to what?Could it be less workers doing more work?Could it be healthcare benefits being cut due to cost?Would that be possible and if so could it be because of NEW regulations?The problem is that loons only look at one side,they never look at possible reasons.If government is the problem the logical fix is TERM LIMITS WITH NO RETIREMENT.But of course that will never happen.Ohio HAS term limits but they just switch sides.(Excellent case in point Ron Amstutz,in Columbus most of his adult life.)

October 19, 2012 9:17AM

We need to fire em all and an election is a good way to do it!!

October 19, 2012 9:00AM

The U.S. Chamber of Commerce endorses a repub. Oh what a surprise. Renacci said, "American companies need every advantage in a global economy, and our tax system is holding them back." Oh BS. US corporations have the highest amount of cash on hand in history. Paying taxes isn't holding them back. Also corporation profits are very large. Read this. According to Michael Cembalest, the chief investment officer of JPMorgan Chase, as of 2011, corporate “profit margins have reached levels not seen in decades,” and “reductions in wages and benefits explain the majority of the net improvement. ... US labor compensation is now at a 50-year low relative to both company sales and US GDP”
http://www.investorvillage.com/uploads/44821/files/07-11-11_-_EOTM_-_Twilight_of_the_Gods__PWM_.pdf So Renacci and the rest of the repubs say taxes add regulations are hurting business. But the facts say otherwise. What is hurting business is the fact that worker wages have not risen as fast as company sales. Low worker wages have hurt companies far more than taxes and regulations.

October 19, 2012 8:37AM

Rat,you can take your un-American hind-end and Romney along with the rest of the pledge signing idiots to some country where they don't have freedom of speech if you don't like it.

October 19, 2012 8:02AM

Nobody is surprised your lost. Commie jr has been lying to you and pulling the wool over your head along.

October 19, 2012 7:59AM

I'm kind of lost here; please define communism, rat trapper.

October 19, 2012 7:56AM

You have no idea what NAM is or stands for.But that's not surprising.Vote for Betty and you will never hear another word,until the next round of vote buying that is.And you won't even need to check what she votes for,just look up what queen Nancy stands for and lapdog Betty will be there.No partisanship there.

October 19, 2012 7:50AM

Nobody wants to here your commie bull crap. Communism is a failure and is being rejected along with commie jr.

October 19, 2012 6:24AM

It will be nice when Betty takes over so we don't have to read these bull crap letters every week.The U.S.Chamber of Commerce and the National ***.of Manufactures,all they care about is the rich and corporate greed and nothing about working middle class.As long as rich Congressmen kiss their hind-ends they will get all kinds of awards.What does Grover give you?